Madinah (Saudi Arabia): In a major boost to Saudi Arabia’s Vision 2030, Saudi Geological Survey (SGS) Thursday announced discovery of new sites for gold and copper ore deposits in the Madinah Region.
According to the government owned Saudi Press Agency (SPA), the Saudi Geological Survey (SGS), represented by the Survey and Mineral Exploration Centre, said that the discoveries of gold deposits were within the boundaries of the Aba Al-Raha, the shield of Umm al-Baraq Hejaz, in the Madinah region.
In a social media post, the SGS also announced that copper ore was found in four places in Al Madiq area of Wadi Al Farah region of Madinah – The City of The Prophet (Peace be upon him).
The new discoveries are expected to attract local and international investment, which is expected to be up to $533 million, generating around 4,000 jobs, reported Al Arabiya.
They are among the latest discoveries this year, which will help grow the kingdom's mining sector, in line with the goals set out by Crown Prince Mohammed bin Salman's Vision2030 intended to steer the country towards a diversified, post-oil economy.
The new discoveries will also attract the local and international investors to the booming mining sector in the Kingdom.
As many as 13 Saudi and foreign companies are already seeking licenses in the Umm al-Damar mining area located in the Madinah region.
Following this the Ministry of Industry and Mineral Resources announced last month that 13 bidders have been prequalified for the Ummul Damar exploration license.
Saudi Industry and Mineral Resources Minister Khalid Al-Mudaifer had earlier in July said that the Kingdom attracted more than $8 billion (30.06 billion Saudi riyals) in foreign direct capital in its mining industry last year, following the passing of legislation incentivising investment in the sector.
At the beginning of the 2022, Saudi Arabia said it was looking to attract $170 billion worth of investment in its mining sector by the end of the decade. However, the pace of mine development and exploitation has been slow since Riyadh announced in 2018 that the Kingdom's minerals were worth an estimated $1.3 trillion.
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